iVillage Inc. Investor Pursues Securities Fraud Claim Against Merrill Lynch After Learning of the $100 Million Settlement With the New York Attorney General
WASHINGTON, Aug. 26 /PRNewswire/ -- Finkelstein, Thompson & Loughran has filed a securities fraud class action lawsuit against Merrill Lynch & Co., Inc. and the former head of its Internet group, Henry Blodget, on behalf of purchasers of iVillage Inc. (Nasdaq:IVIL) securities between November 9, 1999 and May 7, 2001, inclusive (the "Class Period").
The Complaint, filed in the United States District Court for the Southern District of New York, alleges that Merrill Lynch and its well-known Internet stock analyst Henry Blodget violated the federal securities laws by knowingly issuing false and misleading analyst reports regarding iVillage during the Class Period. Based on e-mails and other internal Merrill Lynch communications, which were made public as a result of the investigation conducted by the New York State Attorney General, the Complaint alleges that Defendants failed to disclose significant conflicts of interest between their investment banking and research departments. Specifically, the Complaint alleges that Henry Blodget and other Merrill Lynch analysts issued very favorable analyst reports regarding iVillage to the public when they allegedly knew that the positive recommendations were unwarranted and false. The Complaint further alleges that, unbeknownst to the investing public, Merrill Lynch's buy recommendations and price targets for these companies were driven by its efforts to attract lucrative investment banking business rather than by the companies' fundamental merits.
Plaintiff seeks to recover damages on behalf of all investors who purchased iVillage securities during the Class Period and who suffered damages as a result, and is represented by the law firm of Finkelstein, Thompson & Loughran, of Washington, DC. Finkelstein, Thompson & Loughran has over thirty-five years of securities litigation experience, has broad experience in representing defrauded investors in shareholder class actions, and has been appointed to lead positions in many such actions in federal and state courts throughout the United States.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, not later than October 25, 2002, move the Court to serve as a lead plaintiff. If you wish to discuss the action involving iVillage or New York State Attorney General, Eliot L. Spitzer's probe, or have any questions concerning this notice or your rights or interests, please contact Conor R. Crowley or Halley F. Sexter with Finkelstein, Thompson & Loughran, at 202-337-8000, or by e-mail at crc@ftllaw.com or hfs@ftllaw.com.
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SOURCE Finkelstein, Thompson & Loughran
CO: Finkelstein, Thompson & Loughran; Merrill Lynch & Co., Inc.; iVillage Inc.
ST: District of Columbia, New York
SU: LAW
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08/26/2002 11:31 EDT |
